David Zatz appears to be close to working out a resolution with his unpaid owners through their contracts with his David Holland Resort Lodging company. He sent a letter to condominium owners on Friday announcing a partnership with Phoenix Realty who will take equity ownership in the company.

As part of the new arrangement, Zatz is requesting owners agree to sign a three-year contract. Under the terms of that contract, owners will receive 75 percent of all rental revenue after fees and commissions. The company will hold at least 50 percent of advanced deposits in trust. Owners will be paid back for owed money in four installments of 25 percent, plus interest, with the first payment coming one month after signing. The three following payments will be made on March of each year through 2012.

"This is good news for all," Zatz wrote in the letter. "The contract we have provided is a big departure from our previous contract based largely on the feedback we have received from unit owners and the changing rental management playing field in Park City."

Not all owners are excited about being locked into the company through June 30, 2012, or being told the circumstances of payment for money owed.

In addition to the letter and a new contract to sign, Zatz also sent owners a "contract comparison matrix" comparing the services and promises offered by his company to those offered by ResortQuest, Lespri and Park City Lodging to argue that his company is worth sticking with.